Oil prices fell for a sixth consecutive day on Friday after Iran announced plans to boost production and the US crude oil production climbed to a high record, fueling concerns about a sharp rise in global supplies.
The decline comes as the global stock markets are tumbling amid investors' fears about inflation.
Brent crude futures fell 44 cents, or 0.7 percent, to $ 64.37 a barrel by about 0700 GMT.
On Thursday, Brent fell 1.1 percent to its lowest closing since Dec. 20.
US WTI fell 62 cents, or 1 percent, to $ 60.53 a barrel after falling 1 percent in the previous session to its lowest close since January 2.
The two contracts have lost more than 9 percent of their peak level in late January.